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Zion Oil & Gas Reports Second Quarter Results

The Zion Oil & Gas, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6850

The Company's financial statement information is summarized below:

(US$ in thousands, except for per share income)

STATEMENT OF OPERATIONS Three months ended
  June 30 June 30
  2010 2009
     
Revenues -- --
Loss from operations 23,444 1,347
Net Income (loss) (23,526) (1,332)
Net loss per common share – basic and diluted (1.25) (0.11)
Weighted avg. shares issued and outstanding – basic and diluted 18,749 12,251
   
CASH FLOW DATA Six months ended
  June 30 June 30
  2010 2009
     
Net cash (used in) operating activities (3,403) (1,818)
Net cash (used in) investing activities (12,784) (4,606)
Net cash provided by financing activities 5,032 23,373
     
BALANCE SHEET DATA June 30, 2010 December 31, 2009
     
Current Assets 10,961 22,342
Total Assets 25,607 46,225
Total Liabilities 1,560 2,786
Total Stockholders' Equity 24,047 43,439

FORWARD LOOKING STATEMENTS: Statements in this press release that are not historical fact, including statements regarding Zion's operations, geophysical and geological data and interpretation, anticipated attributes of geological strata being drilled, drilling efforts and locations, the presence or recoverability of hydrocarbons and spud dates are forward-looking statements as defined in the "Safe Harbor" provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.

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